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ECR Minerals #ECR – Business Operations Update
ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on Australia, is pleased to provide the following update on its activities, which are centred on the Bailieston and Creswick gold projects in Victoria, Australia. Both projects are 100% owned by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).
HIGHLIGHTS
- Field mapping and geochemistry currently underway across numerous gold prospects in the Bailieston project area;
- ECR has acquired a diamond drilling rig capable of drilling as deep as 1,300 metres, due for delivery next month and which will be deployed immediately on an ECR managed drill programme;
- High priority gold prospects within the Bailieston and Creswick project areas with potential for immediate drilling have been identified.
Craig Brown, Chief Executive Officer of ECR, commented:
“There is continuing interest in ECR’s Bailieston and Creswick projects with regards to potential joint venture or earn in opportunities. However, there can be no guarantee that any transaction will occur. The Company will provide further updates as appropriate.
The engagement we are experiencing is not surprising given the interest in Victoria gold opportunities, as evidenced by the many corporate transactions that we have seen in the area.
ECR is also gearing up to launch next stage exploration campaigns across our properties and we look forward to providing updates as the work progresses
The Directors are very optimistic for the future, and the Company has a robust underlying cash position of £1.65m with which we can confidently push ahead with operational programmes.”
CURRENT EXPLORATION ACTIVITIES
With the approaching end of the Victorian winter, MGA has begun to ramp-up exploration at the Bailieston and Creswick projects. A programme of follow-up field mapping and geochemistry across numerous prospects in the Bailieston project area is currently underway. MGA has recently purchased its own portable Olympus XRF analyser in order to enhance and expedite its geochemical sampling capabilities.
A map of the eastern Bailieston project area showing some of the prospects and features referred to in this announcement can be viewed at:
https://www.ecrminerals.com/images/2020/09/09/prospectsreefs-eastern-bailieston-tenement-area.jpg
Detailed mapping and geochemistry at the Cherry Tree, Cherry Tree South and Black Cat prospects is aimed at locating the surface position of shoots and identifying mineralisation along strike of trends established by historical and recent exploration. This will assist with the consideration of these prospects for drilling.
Cherry Tree (Historic Reserve #4) and Cherry Tree South are along the Bailieston trend and south of the Fosterville-style mineralisation mined in a small open cut in the 1990s at Historic Reserve #1 (HR1).
Rock chip samples were taken by MGA from Cherry Tree and Cherry Tree South as part of a 2018 sampling programme along the Bailieston trend. A total of 58 rock chip samples were taken at Cherry Tree and Cherry Tree South, with 17 samples returning grades of >1 g/t gold and the highest assay result being 8.8 g/t gold.
Field mapping and geochemical sampling at the Kings Cross and Pontings prospects in the Bailieston project area will follow-up earlier results including soil samples of up to 1.79 g/t gold at Kings Cross and rock chip samples of up to 8.31 g/t gold at Pontings.
PURCHASE OF DIAMOND DRILLING RIG AND POTENTIAL FUTURE DRILLING
MGA has recently signed a contract for the purchase of a new Cortech CSD1300G diamond drilling rig complete with spares and all downhole equipment, which is capable of drilling as deep as 1,300 metres. The rig is expected to be delivered in October 2020 and will give MGA an in-house drilling capability, which will be preferable to relying on contractors.
MGA has access to experienced drilling personnel to operate the rig, and it is expected that future drilling can be completed at lower cost and with greater flexibility using MGA’s own rig.
High priority gold prospects within the Bailieston and Creswick project areas which have the potential for immediate further drilling are detailed below. Once the drill rig has been received in Australia, a decision will be taken as to where it should first be put to work.
Bailieston Project – Blue Moon
Blue Moon is an exciting new gold discovery made by MGA, with intercepts from 2019 reverse circulation (RC) drilling including 15 metres at 3.81 g/t gold from 51 metres downhole (with 2 metres at 17.87 g/t gold) (see announcement dated 14 March 2019 for full details of the drill programme). The best 2019 drilling results came from the western fence line. The host sandstone thins towards the east, where the drill results diminished accordingly.
ECR plans to test whether the mineralisation continues to improve towards the west, subject to gaining surface access. There is also potential to carry out further drilling within the zones already tested, with the objective of establishing an initial JORC Mineral Resource.
Bailieston Project – HR3
Three dimensional (3D) modelling of historical data for the Bailieston Historic Reserve #3 (HR3) and the results of drilling in the area by MGA in 2017 was completed in late 2019 and has assisted in the identification of the architecture of the major folds, structures and cross structures at the prospect. HR3 comprises at least four closely-spaced lines of reef, including the Byron, Dan Genders, Scoulars and Maori Reefs, plus numerous cross-structures. This provides a number of drill-ready targets.
Creswick Project
Drilling conducted by MGA in 2019 at the Slades Reef prospect covered 300 metres of the 12.5 kilometre strike length of the Dimocks Main Shale (DMS) within ECR’s granted exploration licence (EL) and EL application areas at Creswick. This drilling encountered complex structures at Slades Reef; the cross section shown in ECR’s announcement dated 21 June 2019 showed drilling into interpreted faulted and parasitic folded DMS on an overall west-dipping limb.
Diamond drilling can be utilised to test this structural hypothesis and test the gold-bearing structures identified at Slades Reef where key faults intersect the anticline. Elsewhere at Creswick, field mapping and geochemical sampling could be used to attempt to delineate the surface expression of shoots to the south including Jackass Reef and Mills Reef ahead of potential drilling of these targets.
Review of Announcement by Qualified Person
This announcement has been reviewed by Dr Rodney Boucher of Linex Pty Ltd. Linex Pty Ltd provides geological services to Mercator Gold Australia Pty Ltd, including the services of Dr Boucher, who has a PhD in geology, is a Member and RPGeo of the Australian Institute of Geoscientists and is a Member of the Australasian Institute of Mining and Metallurgy. Dr Boucher is a Qualified Person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
MARKET ABUSE REGULATIONS (EU) No. 596/2014
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals plc | Tel: +44 (0)20 7929 1010 | ||
| David Tang, Non-Executive Chairman | |||
| Craig Brown, Director & CEO | |||
| Email:info@ecrminerals.com | |||
| Website: www.ecrminerals.com | |||
| WH Ireland Ltd | Tel: +44 (0)161 832 2174 | ||
| Nominated Adviser | |||
| Katy Mitchell/James Sinclair-Ford | |||
| SI Capital Ltd | Tel: +44 (0)1483 413500 | ||
| Broker | |||
| Nick Emerson |
ABOUT ECR MINERALS PLC
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX), ECR has the right to receive up to A$2 million in payments subject to future resource estimation or production at those projects.
ECR has earned a 25% interest in the Danglay gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, and holds a royalty on the SLM gold project in La Rioja Province, Argentina.
Insatiable Gold Demand Set To Continue – ECR On The Cusp Of ‘Great’ Ness.
Insatiable Gold Demand Set To Continue – ECR On The Cusp Of ‘Great’ Ness.
With the US Fed signalling a more relaxed approach to inflation in its end of month policy meeting, gold rebounded sharply after falling from August highs of $2,075oz as markets interpreted Fed Chairman Jerome Powell’s comments to mean that low interest rates are here for years to come.
Ole Hansen, head of commodity strategy at Saxo Bank believes that the Fed’s shift to let inflation and employment run higher will keep interest rates low for years to come, thereby lifting the appeal of non-interest-bearing gold.“There’s still room for bullion to set new all-time highs, although that may take time,” Hansen commented. “Powell’s speech did not threaten the bullish narrative for gold and silver.”
“Low interest rates for longer, a weaker dollar, massive amounts of stimulus and the increased demand for inflation hedges are likely to continue to drive demand for both metals,” he added.
Peter Hug, division head for precious metals at Kitco News is of the view that conditions have not changed for gold and silver.
Speaking to Kitco News on following the Fed meeting, Hug said conditions are positive for gold due to the amount of fiscal support provided by banks.
“The macro picture has not changed. Every central bank in the world has got their foot on the pedal, and I don’t think they’re going to take their foot off the pedal probably until the end of 2021.”
Old Gold projects resurfacing
The ever present strength in gold is sustaining huge levels of investor interest in junior gold explorers. As mining geologists take fees for their work in shares as well as cash, droves of canny investors are now following geologists on social media to try to get the early inside line to any upcoming projects, even to the point of investing into the company owning /operating the project as soon as a new appointment is announced. A successful drilling campaign can of course have a transformational effect the valuations of small cap explorers with quality projects, meaning that professional fees can potentially multiply in value.
The outlook for gold being what it is, many dormant mining projects are being re-examined and feasibility studies revisited. The latest tools, survey techniques and digital / desktop assets available to mining engineers have proved transformative in the search for precious metals within existing dormant assets and mines around the world. And as many projects have some infrastruture already in place, opportunities to ‘fast track’ such developments are ever present.
Mining Giants Lined Up for Fast Tracking
The major mining companies around the world today all started somewhere. Many will have started life as microcap exporation companies, developing assets into production, and using the proceeds to fund other projects. In some cases, the fuding will have come from existing shareholders. With others a farm-in agreement will be reached with another mining company to share or bear the developments costs, which sees the partner ‘earn-in’, usually at an increasing level of project ownership as the money is spent.
The current ‘pedal to the metal’ approach to monetary easing is providing a perfect backdrop for project developments of this nature, and has created fertile hunting ground for the world’s leading mining companies seeking lucrative farm-in opportunities. Equally, the project potential may see active investors support the board and go it alone.
AIM listed ECR Minerals (AIM: ECR) is a company on the cusp of a series of game changing deals. The company 100% owns Bailieston and Creswick projects in Central Victoria, Australia, and also has financial interests in the Avoca, Moormbool and Timor projects following the sale of those licenses to TSX-V listed Fosterville South Exploration Ltd. In addition ECR owns a 25% interest in the Danglay epithermal gold project in the north of the Philippines and a net smelter royalty agreement from the sale of the SLM gold project in Argentina.
Creswick
Creswick is situated within the Dimocks Main Shale, a geological feature considered to be highly prospective for gold, and which extends some 15km from the mining centre of Ballarat. ECR’s exploration licenses cover approximately 7km of this region. Following drilling results in 2019, a highest grade duplicate result of 80.97 g/t gold came from a 1 metre interval that originally assayed 44.63 g/t, confirming the original findings. A study by pre-eminent consulting geochemist Dr Dennis Arne, whose experience includes extensive consultancy at the highly successful Fosterville gold mine in Central Victoria, underlined the significant gold exploration potential at Creswick, and ‘nuggety gold mineralisation’.
Bailieston
Bailieston is also at the centre of the current gold exploration boom in Victoria, close to the world-class Fosterville mine owned by Kirkland Lake Gold. Mining giant Newmont has a license application in for ground immediately to the north of ECR’s Black Cat prospect, plus an open cut gold mine was operated at Bailieston by Perseverance Corporation in the 1990’s. Quality samples have been logged from drilling by ECR at the Blue Moon prospect in 2019, including a 17.8g/t sample from a 2 metre interval, confirming Blue Moon as a new gold discovery. The Bailieston license areas also include a raft of other prospects, namely HR3, Cherry Tree, Red Moon and Yellow Moon.
Mining Major Joint Ventures and Drilling
Having previously sold three Victoria licences (Avoca, Moormbool and Timor gold exploration projects) for upfront cash and royalties to TSX-V listed Fosterville South Exploration Ltd, along with a raft of warrant exercises, ECR is now fully funded to continue drilling at its 100% owned Creswick and Bailieston projects through to the end of 2021.
In a recent ShareTalk podcast here, ECR CEO Craig Brown provided some background on the most recent developments. He confirmed that several earlier offers to partner in the projects had been rejected, and that mining majors were interested in Creswick and the highly prospective Dimocks Main Shale gold trend that runs through Creswick from the Ballarat gold mine. Citing some of the most recent gold asset sales in the region, Brown stated that both Creswick and Bailieston projects were superior in quality to many in the region, and that value could be realised in a Greatland Gold type asset sale and free carry deal structure.
Progress and site visits are being hampered somewhat by the COVID lockdown – any teams flying in from other states are subject to a 14 day quarantine. But as regards the immediate future of both Creswick and Baileston, one thing is abundantly clear. ECR will commence drilling at one or both projects in the coming weeks, and given the ultra-bullish long term outlook for gold, mining majors seeking a JV will be keen to strike a deal sooner rather than later.
Currently valued at just GB£12m, many investors believe ECR is on the cusp of ‘Great’ Ness – a transformational Greatland Gold esque deal. Despite the lockdown restrictions, the insatiable demand for gold looks set to continue for the next 18 months – near perfect conditions for junior gold miners with superior quality assets.
References:
Share Talk: https://www.pscp.tv/w/choS9jF4blFyWHlrQW5rall8MWt2SnBla0xBbWt4RVXUWZxBJJOsdYs2rhJuzDRWVD0-zN2rj-l_AWcuc8bF
Power Metal Resources #POW – Business Operational Update
Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to provide a Business Operational Update (the “Update”) to shareholders, outlining the current status of operations across the Company’s six existing projects and two projects under due diligence.
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
“Power Metal is an operationally diversified business with precious metal interests in North America and base metal interests in Africa. The Company has multiple live exploration programmes running and significant corporate activity underway.
The summary below outlines where we are across each project, and the anticipated next steps or developments which, where material, will be notified to shareholders through regulatory news announcements.
Power Metal is at a key stage in its development and aided by our strong underlying financial position, we are pushing ahead proactively across the business, seeking to secure a large-scale metal discovery.”
KEY HIGHLIGHTS
· Two significant drill programmes impending, in Botswana and Tanzania, targeting large-scale nickel sulphide targets and with current levels of local regulation allowing the Company to plan to commence drilling in 2020
· Significant advancement made in the Australia JV, with 2,188 km2 of ground under application in the Victoria Goldfields over 12 distinct project areas and a draft of the NI 43-101 technical report under review;
· Due diligence ground exploration programme underway at the Silver Peak project in Canada, where channel sampling for silver is the key focus and where exploration results are expected shortly and within the 30-day option period announced 17 August 2020;
· Reconnaissance survey completed successfully at the Alamo gold project in Arizona, USA reviewing the key areas where the bulk of gold nuggets were found in alluvium on the property. The findings have been received in a project report and are being reviewed currently. A market update will follow including next stage exploration plans;
· Power Metal remains in a strong financial position with working capital comprising cash and listed investments of circa £1.6 million;
· Further specific updates will be provided for each project as material developments occur.
OPERATIONAL UPDATE
Power Metal provides the following overview of its six main projects and two projects under due diligence.
Note: all exploration and corporate work is subject to COVID-19 restrictions which may impact work programmes and timescales. Power Metal and its partners are focused on the safety of operational teams and the conduct of programmes in line with local requirements in relation to COVID-19, and all applicable operational regulatory requirements.
| PROJECT | CURRENT OPERATIONAL STATUS |
| Australia JV – Victoria Goldfields(Gold)(POW holds a 49.9% interest in Australian JV Company Red Rock Australasia Pty Limited “RRAL”) | Twelve licence applications have been submitted by RRAL covering 2,188 km2 in the Victoria Goldfields with three licenses having completed the mandatory 14 day public advertising period. The JV team is working with Earth Resources Victoria to secure early grant of the advertised licenses to enable exploration to commence.Ten detailed historic exploration and target assessment reports now received from local consulting geologists (four reports have been released to the market and six are under review, and will be announced shortly).The NI 43-101 Technical Report covering seven key licenses is in final drafting stage and is expected to be received in final form in the coming week. The findings of this report will be released shortly after receipt and following internal review. Receipt of the Technical Report will also allow the potential listing of some or all of the JV interests to be progressed to the next stage.In addition, liaison with various external parties is underway with a view to further potential corporate transactions, including external joint ventures, in respect of certain license applications. |
| Botswana – Ditau Camp Project(RARE EARTHS)(Under Due Diligence)(Subject to due diligence POW may acquire a 51% project interest) | Power Metal remains in due diligence and related discussions with Kavango Resources plc (LON:KAV), the current 100% project owner, with a view to crystallising a transaction in respect of the Ditau Camp project.For clarity the due diligence period in respect of the Ditau Camp Project ends on 30 September 2020. |
| Botswana – Molopo Farms Complex Project(Nickel Copper PGMs)(POW holds 18.26% of project holding company Kalahari Key and additionally may earn in up to a 40% project interest) | Kalahari Key Mineral Exploration Pty Limited (“Kalahari Key”), the JV partner and current 100% project owner is making considerable progress in respect of planning for drill commencement at the Molopo Farms Complex Project (“MFC Project”).Drilling proposals have now been received from multiple contractors and a review is underway at present leading to contractor selection and thereafter, subject to rig availability, to confirmation of drill rig mobilisation at the earliest opportunity.The drill programme will be focused on high profile nickel sulphide targets within the Chipo area of the MFC project. |
| Cameroon – Cobalt Blue Project(Cobalt – Nickel)(POW holds a 100% project interest) | Power Metal is continuing to review the exploration and corporate options in respect of the Cameroon project interests and will provide a further update as material developments occur. |
| Canada – Silver Peak Project(Silver)(Under Due Diligence)(POW may earn in to a 30% project interest) | As part of the due diligence process Power Metal is funding an initial exploration programme at the Silver Peak project including channel sampling to help determine silver prospectivity.Initial results are expected from this programme in the next week and Power Metal will update the market upon completion of an internal technical review of findings. |
| The DRC – Kisinka Project(Copper – Cobalt)(POW holds a 70% project interest) | The Company is awaiting the receipt of assay results from the pitting and mapping programme conducted earlier this year. The results will help inform next stages of exploration on the ground at the 6.8km copper anomaly discovered within the Kisinka Project.The results so far justify the magnetic ground survey and electromagnetic (“EM”) survey the Company is currently planning in order to increase understanding of structure in the target area defined by the exploration to date.The license renewal was recently underway but the decision has been taken instead to convert the license to a Permis d’Exploitation (production license) with a 25 year life. 50% of the less prospective ground is being surrendered, leaving the Company with 41 carrés miniers (each 84.95 ha), |
| Tanzania – Haneti Project(Nickel – PGMs – Gold – Lithium)(POW holds a 35% project interest) | Power Metal is working with Katoro Gold plc (LON:KAT or Katoro) the JV partner in respect of the Haneti Project in Tanzania.Katoro are in the final stages of planning for drill commencement. Specifically, Katoro are seeking to confirm rig availability and confirmation of a drill mobilisation date.Power Metal and Katoro hope to confirm the launch of the drill programme to the market in the near term. |
| USA Arizona – Alamo Gold Project(Gold)(POW may earn in up to a 75% project interest) | A Reconnaissance Survey (“Survey”) has been completed successfully at the project in Arizona which was focused on a review of the key areas where the bulk of gold nuggets were found in alluvium on the property.The Survey report from the work undertaken has been received and is being reviewed.Power Metal are also working with its local partners to design the next stage exploration programme at the project based on the Survey report findings.Upon completion of our review of the Survey report and confirmation of the next stage exploration programme Power Metal will update the market in full. |
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.
For further information please visit https://www.powermetalresources.com/ or contact:
| Power Metal Resources plc | |
| Paul Johnson (Chief Executive Officer) | +44 (0) 7766 465 617 |
| SP Angel Corporate Finance (Nomad and Joint Broker) | |
| Ewan Leggat/Charlie Bouverat | +44 (0) 20 3470 0470 |
| SI Capital Limited (Joint Broker) | |
| Nick Emerson | +44 (0) 1483 413 500 |
| First Equity Limited (Joint Broker) | |
| David Cockbill/Jason Robertson | +44 (0) 20 7330 1883 |
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including precious metal exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage drill ready prospects.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.
Power Metal Resources #POW – Australia Gold JV – Update – New License Application
Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce a further operational update in respect of its Australian gold joint venture (“JV”) company Red Rock Australasia Pty Ltd (“RRAL”) in which POW has a 49.9% interest.
BACKGROUND
RRAL previously commissioned and has now received historical reports and targeting assessments for its original 11 license applications, which are being used to inform the preparation of a NI 43-101 report and develop exploration programmes.
To date the Company has set out in announcements the key findings from historical reports in respect of three license areas, namely:
– EL007285, the Blue Ribbon project;
– EL007271, the Blue Whale project, and:
– EL007281, the Blue Chip project .
NEW LICENSE APPLICATION
Following a review of historical information in respect of a fourth license application EL007329, the Evergreen project, and based on additional research, gold targets were identified across the western and southern boundaries of EL007329. Analysis of the license application area continues but the historical summary prepared for EL007329 (“Evergreen”) will be posted shortly on the Company’s website and will be accessible through the link provided below.
In addition, geophysical analysis conducted by RRAL has indicated potential new targets situated just outside the Evergreen license application area, and on review the area remained available.
Reflecting this a new additional license application has therefore been submitted for a further tenement, EL007460 (“Kilmore West”) covering the new target area. Kilmore West contains numerous former mine workings and mineral occurrences and includes the old Donnybrook goldfield to the south of the license.
The new application has an area of 349 km2, giving RRAL a contiguous block in the Kilmore area (including Evergreen) of 835 km2.
Overall the RRAL licence application tenement area in the Central Victoria Goldfields will now total 2,188 km2, further details of which are provided below.
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
“The RRAL work is being undertaken in an environment where the wider structural understanding of the Victoria Goldfields is developing rapidly and where RRAL’s work is revealing new prospective gold target areas.
Given the material findings from the work at Evergreen, and the significant new gold target areas confirmed, RRAL decided to secure the additional ground under application, and this was executed immediately.
The RRAL JV now has 12 license applications covering some 2,188 km2 and a large number of highly gold prospective areas are emerging from the review work undertaken. We are developing exploration plans for each project as further information is gathered and new targets are revealed.
The opportunities within the JV license application area are extensive and it is an exciting time as we continue to push on from an operational and corporate perspective.”
PROJECT REPORTS ONLINE
The project reports will be uploaded shortly to the Australia gold JV page of the Company’s website which may be accessed through the following link:
https://www.powermetalresources.com/s/52/australia
FURTHER JV INFORMATION:
Joint Venture Company – RRAL
RRAL is a joint venture company 49.9% owned by POW and 50.1% by Red Rock Resources plc (LON:RRR). Paul Johnson, CEO of POW and Andrew Bell, Chairman of RRR and POW, are directors of RRAL.
RRAL has lodged applications for twelve new gold exploration license areas covering 2,188 km2 in the Victoria Goldfields of Australia as follows:
| License Application Number | Project Name | Area (km2) |
| EL007271 | Blue Whale | 133 |
| EL007281 | Blue Chip | 74 |
| EL007282 | Blue Sky | 489 |
| EL007285 | Blue Ribbon | 8 |
| EL007294 | Red Queen | 130 |
| EL007301 | Mt Bute | 85 |
| EL007327 | Blue Stocking | 60 |
| EL007328 | Blue Yonder | 168 |
| EL007329 | Evergreen | 486 |
| EL007330 | Blue Angel | 202 |
| EL007385 | Sardinia | 4 |
| EL007329 | Kilmore West | 349 |
| Total | 2,188 |
ONLINE MAP
Readers wishing to view the current application footprint may do so through the following link to the POW website: https://www.powermetalresources.com/p/207/rrraustralasia-gold-project-footprint
REGULATORY STATEMENT
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.
CONTACT INFORMATION
For further information please visit https://www.powermetalresources.com/ or contact:
| Power Metal Resources plc | |
| Paul Johnson (Chief Executive Officer) | +44 (0) 7766 465 617 |
| SP Angel Corporate Finance (Nomad and Joint Broker) | |
| Ewan Leggat/Charlie Bouverat | +44 (0) 20 3470 0470 |
| SI Capital Limited (Joint Broker) | |
| Nick Emerson | +44 (0) 1483 413 500 |
| First Equity Limited (Joint Broker) | |
| David Cockbill/Jason Robertson | +44 (0) 20 7330 1883 |
NOTES TO EDITORS
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including precious metal exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage drill ready prospects.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.
Power Metal Resources #POW – Australia Gold JV – Update – Historical Reports
Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce a further operational update in respect of its Australian gold joint venture (“JV”) company Red Rock Australasia Pty Ltd (“RRAL”) in which POW has a 49.9% interest.
BACKGROUND
RRAL previously commissioned and has now received historical reports and targeting assessments of its 11 license applications, which are being used to inform the preparation of the NI 43-101 report and develop exploration programmes.
In its announcement of 16 July 2020 the Company set out information on one of these license areas, namely EL007285, the Blue Ribbon project.
This announcement provides further information in respect of two more, namely, EL007271 the Blue Whale project (“Blue Whale”) and EL007281 Blue Chip project (“Blue Chip”).
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
“In July Power Metal announced impressive data from the Blue Ribbon project, one of the smallest licenses in the 11 license JV portfolio and where some 70,000 ounces of production and gold nuggets up to 85 ounces had been identified within historical records.
“I am pleased to now announce the findings from two more projects where we have further impressive data including recorded production of some 112,085 gold ounces, deep lead former worked mines and the potential for Ballarat style gold targets under cover.
“The quartz mines of the Ballarat West goldfield have produced a recorded 800,000 ounces of gold at an average grade of approximately 14g/t. A further 6 million ounces of gold is estimated to have been won from the ancient river channels that cross the field.
“We are reviewing the remaining 8 project reports and will provide further updates on findings from those reports in the coming weeks. We are also working with our geological team locally, and external consultants, to finalise the NI 43-101 report, which is expected to complete in the near term.
“The work undertaken thus far has materially advanced our knowledge base and that is being fed into our exploration planning and I look forward to reporting further developments to the market in due course.”
BLUE WHALE PROJECT – EL007271 – 133 km2
Records show historical production of 112,085 oz of gold, of which 102,641 oz is alluvial and 9,444 oz is from primary quartz1 from the EL007271 area, which lies adjacent to tenements containing the producing Ballarat Gold mine and contains the historic mining centres of Buninyong and Durham Lead.
Numerous other operations in EL007271 have no recorded production history.
BLUE CHIP PROJECT – EL007281 – 74 km2
EL007281 has a history of deep lead mining, with recorded mining depths of up to 93m. Production records are not available despite numerous alluvial mines located on the tenement.
EL007281 has had limited exploration due to the lack of bedrock exposure over most of the tenement, although modelling of gravity and a 2006 seismic line that traverses sections of the tenement gives potential for identification of Ballarat style targets under cover.
EXPLORATION RECOMMENDATIONS
Exploration recommended includes mapping, geochemical sampling, interrogation of seismic data, possible additional geophysics, and an initial three hole drilling programme at the Shepherd’s Flat area of Blue Whale Project – EL007271.
LICENCE APPLICATION STATUS
The three licence applications relating to the Blue Whale, Blue Chip and Blue Ribbon projects were considered priority applications by the JV and have completed the required local advertising period and are being processed by Earth Resources Victoria.
NI 43-101 TECHNICAL REPORT
RRAL has commissioned the preparation of a National Instrument 43-101 Technical Report in respect of the JV land package.
Despite local restrictions connected with COVID-19 RRAL geologists and those compiling the NI 43-101 report have been able to visit the license areas for planning and review purposes and a draft of the report is expected to be with the Company shortly.
GLOSSARY
Deep Lead: ancient alluvial deposits covered by non-gold bearing strata.
Lead: a gold-bearing alluvial deposit in a terrace or stream bed.
NOTE:
1 Dugdale, A.L 2010 Navarre Minerals Ltd-Leviathan Resources Ltd EL4996 Ballarat South Project. Joint Annual Technical Report for the period ending 31 December 2010.
PROJECT REPORTS ONLINE
The project reports will be uploaded shortly to the Australia gold JV page of the Company’s website which may be accessed through the following link:
FURTHER JV INFORMATION:
Joint Venture Company – RRAL
RRAL is a joint venture company 49.9% owned by POW and 50.1% by Red Rock Resources plc (LON:RRR). Paul Johnson, CEO of POW and Andrew Bell, Chairman of RRR and POW, are directors of RRAL.
RRAL has lodged applications for eleven new gold exploration license areas covering 1,839 sq km in the Victoria Goldfields of Australia as follows:
| License Application Number | Project Name | Area (sq km) |
| EL007271 | Blue Whale | 133 |
| EL007281 | Blue Chip | 74 |
| EL007282 | Blue Sky | 489 |
| EL007285 | Blue Ribbon | 8 |
| EL007294 | Red Queen | 130 |
| EL007301 | Mt Bute | 85 |
| EL007327 | Blue Stocking | 60 |
| EL007328 | Blue Yonder | 168 |
| EL007329 | Evergreen | 486 |
| EL007330 | Blue Angel | 202 |
| EL007385 | Sardinia | 4 |
| Total | 1,839 |
ONLINE MAP
Readers wishing to view the current application footprint may do so through the following link to the POW website: https://www.powermetalresources.com/p/207/rrraustralasia-gold-project-footprint
COMPETENT PERSON STATEMENT
The technical and related information in this report relates to exploration results based on information from third parties and data compiled by David Sharp, BAppSci, MAIG, who is a member of the Australian Institute of Geoscientists.
Mr Sharp has sufficient experience in the style of mineralisation and type of deposit under consideration. Mr. Sharp consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. Mr Sharp is a Senior Geological Consultant at Oreteck Mining Solutions, Melbourne.
REGULATORY STATEMENT
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.
CONTACT INFORMATION
For further information please visit https://www.powermetalresources.com/ or contact:
| Power Metal Resources plc | |
| Paul Johnson (Chief Executive Officer) | +44 (0) 7766 465 617 |
| SP Angel Corporate Finance (Nomad and Joint Broker) | |
| Ewan Leggat/Charlie Bouverat | +44 (0) 20 3470 0470 |
| SI Capital Limited (Joint Broker) | |
| Nick Emerson | +44 (0) 1483 413 500 |
| First Equity Limited (Joint Broker) | |
| David Cockbill/Jason Robertson | +44 (0) 20 7330 1883 |
NOTES TO EDITORS
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including precious metal exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage drill ready prospects.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.
Power Metal Resources #POW – Australia Gold JV – Blue Ribbon Project Update
Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce an update from the Blue Ribbon project, (“Blue Ribbon”, the “License” or the “Tenement”) one of eleven license applications within its Australian gold joint venture (“JV”) company Red Rock Australasia Pty Ltd (“RRAL”) in which POW has a 49.9% interest.
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented: “I am pleased to launch the first report from the review of historical exploration data, in this case in respect of the Blue Ribbon project.
Despite being one of the smaller projects, the historical review has highlighted some significant findings ranging across 70,000 ounces of historical gold production, gold nuggets up to 85 ounces and pre planned drill targets from earlier exploration work conducted by previous license holders.
We are particularly excited by this project, given the information provided below, and the prospect after license grant of the finalisation of drill targets.”
BACKGROUND
RRAL has commissioned historical reports and targeting assessments of its 11 license applications, and the first of these, for the Blue Ribbon license application (EL007285), has been received. The License is 5km north of the Ballarat East Mine.
In its announcement of 4th May 2020 the Company stated that detailed information and references for the license applications would be set out, once received, on the Company’s website, and the information below will shortly be posted there.
KEY POINTS FROM REPORT
·The historical records show reported historical production of 70,000 ounces of gold over 2km of the Deadhorse Lead within the Blue Ribbon project area, all in 19th century;
· Six gold nuggets between 10 and 85 ounces were recorded from the workings of the Ballarat Extension Company on the Blue Ribbon project area;
· The primary exploration target is the northern extension of the Ballarat West Goldfield, assumed to be the source of the palaeoplacer gold on the Tenement;
· Next exploration steps include finalisation of drill targets and implementation of a three hole, 1000m drill program, subject to license grant and local approvals;
· Blue Ribbon is now a priority project for RRAL.
FURTHER INFORMATION
The term “Lead” in the report below refers to a gold-bearing alluvial deposit in a terrace or stream bed; and a “Deep Lead” to ancient alluvial deposits buried below non-gold bearing strata.
The Company is preparing a detailed glossary of exploration terms which will be uploaded to a new Technical Library section on the powermetalresources.com website by the end of July 2020.
The report runs as follows:
“License Application EL007285- North-West of Ballarat
|
Tenement ID |
Local ID |
Size (km2) |
Mapping Sheet (1:100,000) |
Municipality |
Current Status |
|
EL007285 |
NW Ballarat |
8 |
Ballarat |
Ballarat |
Application |
1.1.1. Regional Geology
EL007285 is located within the Bendigo – Ballarat Zone of the Lachlan Fold Belt. The Bendigo Zone has an average width of 100km and extends between the Avoca and Mt William Faults.
The basement stratigraphy of the Tenement area consists of folded N-S striking (result of E-W compression) interbedded turbidite deposits of sandstone and siltstone of the Ordovician Castlemaine Group. (Taylor et al. 1996)1. These sediments carry a pervasive north-south foliation. (Horwood, 2011)2.
1.1.2. Local Geology
The Ordovician rocks are mostly concealed by Newer Volcanics with minor Pliocene colluvial. The only exposure of Ordovician sediments on the Tenement occurs in the far eastern portion of the Tenement and are typical of those in the Ballarat field. Multiple Cainozoic basalt flows have buried deep leads.
A graphitic slate zone (Black Slate) occurs throughout the Ballarat West line and is essentially the only significant lithological unit that can be extrapolated with confidence across this line. This zone is not observed on the Ballarat East line.
The black slates of Ballarat West is a zone varying in thickness from 22m to 44m, and consists of series of graphitic, dolomitic and pyritic black slates, pyritic mineral seams, laminated quartz lodes, crushed quartz and sandstones.
The lode generally occurs close to the lowest black slate member in the zone, although two parallel lodes have been worked on laminated quartz in several mines including the South Star and New Kohinoor.
Being directly associated with the lode, the black slates have been well recorded in most historical texts and workings and also in recent drill holes where they occur, although in some mines including the Sir Henry Loch, the entire zone has not been fully exposed in development.
1.1.3. Mineralisation
The northern extension to the Ballarat West Goldfield is projected to occur in the eastern portion of the Tenement. The mineralisation in this field is characterised by laminated quartz reefs hosted within black slate beds containing bedding parallel shears confined to west dipping fold limbs. The thrust faults controlling this system extend locally across the fold hinges into the east-dipping limbs as dilatant jogs within which quartz-vein stockworks (tension vein arrays) were mined. (Horwood, 2011)
Several west draining deep leads occur in the central area of the Tenement and are typical of those found in the Ballarat field.
1.1.4. Mining History/Production
The Deadhorse Lead produced 70,000 ounces of gold over 2 km (Chintock, 2008)3 of strike length downstream from the where the lead crosses the projected northerly extension of the Ballarat West goldfield.
Refer to Figure 1 – Ballarat West Goldfield and target position through the following link:
https://www.powermetalresources.com/p/215/ballarat-west
Individual deep lead mine production from the major mines on the Tenement is listed in Table 1. Numerous small mines located on the Tenement are lacking individual production records.
Table 1- Major mine production from EL007285
|
Mine |
Production (Oz) |
|
Ballarat Extension |
21,396 |
|
Rose Hill GM |
17,137 |
|
Great Northern Junction |
6,233 |
|
Nil Desperandum Co |
3,595 |
There is no record of primary gold production on the Tenement.
The quartz mines of the Ballarat West goldfield have produced a recorded 800,000 ounces of gold at an average grade of approximately 14 grams per tonne. A further 6 million ounces of gold is estimated to have been won from the ancient river channels which cross the field. (D’Auvergne, 1998)4.
1.1.5. Nearby Mining Activity
The Ballarat Gold Mine is currently mining the Ballarat East line, 5 km’s south of the Tenement.
1.1.6. Exploration History
No exploration has been completed on the Tenement since the 19th century short of data collation and target generation.
1.1.7. Exploration Strategy
The primary target on this Tenement is the northern extension of the Ballarat West Goldfield, assumed to be the source of the palaeoplacer gold on the Tenement.
This target is only 4 km north of the main Ballarat West field and 2 km north of its northernmost mined quartz reef – the projected Ballarat West field would fall within the Tenement over the zone considered to be the main target area based on palaeoplacer gold occurrences.
In order to define this target, the following processes should be considered:
· Investigate drainage channel directions to narrow the zone where the gold originated from.
· Review and interpret magnetic images to potentially interpret structures masked by the basalt.
Other information to note:
· Six gold nuggets between 10 and 85 ounces were recorded from the workings of the Ballarat Extension Company and are unlikely to have travelled far from their source. (Chintock 2008)
· Quartz veining was been recorded in several palaeoplacer mines on the Tenement.
It is recommended that diamond drilling be used once the base of the basalt has been reached to allow the position within the fold sequence of the Ballarat field to be determined. The lodes of Ballarat West and for some-part Ballarat East are lithologically controlled.
This area remains relatively undeveloped in regard to residential development, allowing the potential to establish multiple drill platforms.
Budget
Drilling- Once target is finalised, a 1000m drill program consisting of 3 individual holes would cost approximately A$150,000 including mobilisation and associated drilling costs.”
1 Taylor D.H., Whitehead M.L., Olshira A and Leonard J.G. 1996. Ballarat 1:100,000 map geological report 101, Geological Survey of Vistoria
2 Horwood D.J., 2011. Oroya Mining Ltd EL 4943, Ballarat North Project, Annual Report for the period ending 31 December 2011.
3 G. Chintock, 2008. Annual Report to Dept of Primary Industries, VIC for EL 4943.
4 D’Auvergne P, 1996. Ballarat Goldfields Pty Ltd. EL 3018, Ballart Gold Project, Annual Report for the period ending 31 December 1998.
Competent Person Statement
The technical and related information in this report relates to exploration results based on information from third parties and data compiled by David Sharp, BAppSci, MAIG, who is a member of the Australian Institute of Geoscientists.
Mr Sharp has sufficient experience in the style of mineralisation and type of deposit under consideration. Mr. Sharp consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. Mr Sharp is a Senior Geological Consultant at Oreteck Mining Solutions, Melbourne.
FURTHER INFORMATION:
Joint Venture Company – RRAL
RRAL is a joint venture company 49.9% owned by POW and 50.1% by Red Rock Resources plc (LON:RRR). Paul Johnson, CEO of POW and Andrew Bell, Chairman of RRR and POW, are directors of RRAL.
RRAL has lodged applications for eleven new gold exploration license areas covering 1,839 sq km in the Victoria Goldfields of Australia as follows:
|
License Application Number |
Project Name |
Area (sq km) |
|
EL007271 |
Blue Whale |
133 |
|
EL007281 |
Blue Chip |
74 |
|
EL007282 |
Blue Sky |
489 |
|
EL007285 |
Blue Ribbon |
8 |
|
EL007294 |
Red Queen |
130 |
|
EL007301 |
Mt Bute |
85 |
|
EL007327 |
Blue Stocking |
60 |
|
EL007328 |
Blue Yonder |
168 |
|
EL007329 |
Evergreen |
486 |
|
EL007330 |
Blue Angel |
202 |
|
EL007385 |
Sardinia |
4 |
|
Total |
1,839 |
ONLINE MAP
Readers wishing to view the current application footprint may do so through the following link to the POW website: https://www.powermetalresources.com/p/207/rrraustralasia-gold-project-footprint
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.
For further information please visit https://www.powermetalresources.com/ or contact:
|
Power Metal Resources plc |
|
|
Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
|
SP Angel Corporate Finance (Nomad and Joint Broker) |
|
|
Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
|
SI Capital Limited (Joint Broker) |
|
|
Nick Emerson |
+44 (0) 1483 413 500 |
|
First Equity Limited (Joint Broker) |
|
|
David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale discovery of precious or base metals.
The Company has a portfolio including key interests in Australia, Botswana, Cameroon, The DRC and Tanzania. The interests represent large scale exploration projects targeting mainly cobalt, copper, gold, nickel and platinum group metals. Project interests range from early stage greenfield exploration to later stage drill ready prospects.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive metals exploration.
ECR Minerals #ECR – Exploration mapping Reveals Large Gold System at Creswick Project
ECR Minerals plc (LON:ECR) the precious metals exploration and development company is pleased to confirm that exploration mapping undertaken by the Company at the Creswick Project has identified a large gold system in the Dimocks Main Shale gold targets.
The DMS sits between two large gold producing areas where it is estimated historically, 15 million ounces of gold has been produced in Victoria, Australia. It is the proposition of the Company’s technical team that they have identified the hard rock source for a significant portion of the aforementioned 15 million ounces of gold production. Although further work is required to validate this proposition.
A visual representation of the DMS and the Company’s mapping, which demonstrates the potential link from the alluvial source with the DMS, is provided through following links to the ECR Minerals website:
https://www.ecrminerals.com/images/Creswick_Map1.jpg
https://www.ecrminerals.com/images/Creswick_Map2.jpg
The original acquisition of the Creswick project was announced by the Company on 20 April 2018 and readers may wish to review that announcement.
Highlights:
- ECR Minerals holds a 100% interest in the Creswick Project which includes granted Exploration Licence 6184 and an adjacent exploration licence application numbered EL6713 submitted by the Company following the acquisition of the Creswick project in April 2018;
- Exploration mapping undertaken by ECR’s technical team led by Dr Rodney Boucher, who has significant experience in the area, has revealed a potential link between the large alluvial gold system at Ballarat and Creswick with the DMS gold source;
- The DMS system hosts strata-bound auriferous quartz veins hosting the gold mineralisation and has potential for bulk gold mining;
- The DMS is 25 m wide and runs for over 7 km through ECR’s tenements and is estimated to be 15 kilometres in total length, including adjacent tenements;
- The DMS is open at depth resulting in considerable in-situ tonnage that could be included in a bulk mining activity, if it is to be proven to contain economically extractable gold;
- The directors believe the DMS is an important gold source, which has been extensively worked along it’s entire length, as evidenced by ECR’s data suggesting there are 300 reef shafts (mine workings) on the DMS. These shafts, which are still located on the DMS, suggest that there were significant active alluvial workings on site;
- Notwithstanding this visual verification by the Company’s technical team, only two of these shafts are currently recorded in the government database along the DMS. The directors believe that this record is incomplete and that this may be a reason why the region has not attracted recent exploration activities;
- The technical team’s review of field mapping and understanding of the regional sedimentology of alluvial workings demonstrates that the DMS within ECR’s tenements is a potential contributing source to the Creswick/Berry Lead systems (estimated to have produced 2.6 million gold ounces) and a potential contributor to the Eureka Lead in the upper parts of the Ballarat goldfield that (estimated to have produced 11 million ounces of alluvial gold plus an additional 2 million ounces of reef gold);
- ECR Minerals will drill test the DMS to establish the gold endowment within the DMS tonnage identified;
- Rock chip sampling of the DMS is currently underway to supplement exploration data and analysis currently available, prior to commencement of drilling;
- The Directors believe that the DMS provides potential for the Company to identify a rare bulk tonnage gold operation in Victoria, Australia, although at this stage there is no guarantee that such an outcome will be achieved; and
- Further information will follow to outline material developments in the now prioritised Creswick Project exploration programme.
Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: “We are excited by this discovery of a potentially large gold system at Creswick which has been identified by our technical team, led by Dr Rodney Boucher, and is the outcome of many years of detailed study. We are very grateful for the professionalism, experience and commitment that has been applied to reach this point.
The news announced today is in line with our primary objective to make a significant and economic gold deposit discovery. The confirmation of a system which potentially feeds into two established gold producing areas is very exciting for the team; and an area of targeted future exploration.
We will be providing further information in respect of this project, and specifically the drilling programme for the DMS which will be undertaken in due course when preparatory works have been undertaken.
The board’s confidence in the Victoria region and its potential to hold further large gold deposits has been growing with our recent work and today’s announcement provides a significant step up in our confidence level.
Further work is required to substantiate our findings and quantify the extent of gold mineralisation, but without doubt, the Creswick licences are now a key project for the Company.”
Further Information – Dimocks Main Shale Gold Targets
In the view of the Company’s technical team contemporary exploration has continually been drawn to the district due the proximity of the Ballarat and Creswick goldfields and in particular exploration programs within EL6184 have sought the source alluvial gold that was in the Berry Lead system.
It is also the view of the technical team that despite numerous companies having held tenements over the area those companies failed to recognise the significance of the Dimocks Mains Shale and its potential for significant gold mineralisation.
ECR Minerals’ Geologist Rodney Boucher recognised the potential of the Dimocks Main Shale and has been mapping in the region for 15 years for several companies. When a differing company relinquished the ground to the north of North Ballarat’s tenements, Rodney Boucher applied for EL6184 and provided it to ECR Minerals. Subsequently ECR Minerals have applied for EL6713 over recently relinquished ground.
The Dimocks Main Shale provides an opportunity not previously recognised in Victoria. The DMS is 25m wide and hosts strata-bound auriferous quartz veins with potential for bulk mining (refer to Map 1).
The shale has been mapped and shown to run for over 7 km in EL’s 6184 and 6713 (refer to Map 1). The DMS continues 8 km to the south to form one third of the Ballarat goldfield at the locality of Nerrina or Little Bendigo.
Field mapping of alluvial workings (refer to Map 2) shows the potential link between the alluvial workings and their gold sources, in particular the DMS and suggests that the DMS is a major contributing source to the Berry Lead system (estimated to have produced 2.6 million ounces of gold) and a contributor to the Eureka Lead in the upper parts of the Ballarat goldfield (estimated to have produced 11 million ounces of alluvial gold plus an additional 2 million ounces of reef gold).
COMPETENT PERSON STATEMENT
The information in this announcement that relates to Exploration Results is based on information compiled by Dr Rodney Boucher of Linex Pty Ltd. Linex Pty Ltd provides geological services to Mercator Gold Australia Pty Ltd, including the services of Dr Boucher, who has a PhD in geology, is a Member and RPGeo of the Australian Institute of Geoscientists and is a Member of the Australian Institute of Mining and Metallurgy. Dr Boucher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Boucher consents to the inclusion in the announcement of the material based on his information in the form and context in which it appears.
ABOUT ECR MINERALS PLC
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration licences in central Victoria, Australia.
ECR has earned a 25% interest in the Danglay epithermal gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015 and is available for download from ECR’s website.
ECR’s wholly owned Argentine subsidiary Ochre Mining has 100% ownership of the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near-term production.
MARKET ABUSE REGULATIONS (EU) No. 596/2014
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals plc | Tel: +44 (0)20 7929 1010 | |
| David Tang, Non-Executive Chairman | ||
| Craig Brown, Director & CEO | ||
| Email:
info@ecrminerals.com |
||
| Website: www.ecrminerals.com | ||
| WH Ireland Ltd | Tel: +44 (0)161 832 2174 | |
| Nominated Adviser | ||
| Katy Mitchell/James Sinclair-Ford | ||
| Optiva Securities Ltd | Tel: +44 (0)203 137 1902 | |
| Broker | ||
| Graeme Dickson | ||
| SI Capital Ltd | Tel: +44 (0)1483 413500 | |
| Broker | ||
| Nick Emerson |
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such statements may be subject to numerous known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from current expectations. There can be no assurance that such statements will prove to be accurate and therefore actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. Any forward-looking statements contained herein speak only as of the date hereof (unless stated otherwise) and, except as may be required by applicable laws or regulations (including the AIM Rules for Companies), the Company disclaims any obligation to update or modify such forward-looking statements because of new information, future events or for any other reason.